Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2021 FIRST QUARTER OPERATING AND FINANCIAL RESULTS

Copper Fox Metals Inc.'s unaudited interim consolidated Jan. 31, 2021, financial statements have been filed on SEDAR.

For the three months ended Jan. 31, 2021, Copper Fox had a net loss of $199,324 (Jan. 31, 2020: $205,572), which equated to nil loss per share (Jan. 31, 2020: nil loss per share).

During the three months ended Jan. 31, 2021, the company incurred $212,986 in expenditures primarily furthering the development of the Van Dyke and Schaft Creek copper projects. Copies of the financial statements, notes, and related management's discussion and analysis may be obtained on SEDAR, on the company's website or by contacting the company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "Activities during the quarter focused on the Van Dyke and Schaft Creek projects. The results of the preliminary economic assessment (PEA) on the Van Dyke project exceeded expectations and established this project as a potential mid-tier copper producer. The 2021 Schaft Creek program is focused on enhancing project value based on key parameters identified over the past two years. Receipt of the Mines Act permit clears the way to add the Eaglehead project to the company's pipeline of exploration and advanced-stage projects."

First quarter 2021 highlights:

• Announced results of the independent PEA for the Van Dyke in situ copper recovery (ISCR) project;
• Commissioned a PEA for the Schaft Creek project based on a 133,000-tonne-per-day mining and milling throughput case;
• Announced fourth quarter 2020 results, including exercise of 8,460,167 warrants for total proceeds of $1,038,370.

Subsequent to the period:

• The technical report titled "NI 43-101 Preliminary Economic Assessment Technical Report for the Van Dyke Copper Project" dated Feb. 26, 2021, prepared by MMTS and Ausenco, was filed on SEDAR. The PEA recommends a $15.5-million (U.S.) budget for diamond drilling, permitting and completion of an ISCR pilot test program.
• The 2021 Schaft Creek program, contemplating a $3.4-million budget to review construction timeline and off-site infrastructure costs and for metallurgical testwork to confirm throughput assumptions, ensure a fit-for-purpose process design flowsheet, confirm opportunities to decrease the life-of-mine strip ratio, and update regulatory requirements in accordance with the updated project configuration and associated permitting timeline, was announced.
• The Mines Act permit for the Eaglehead project was received.
• Results of the 2021 resource estimate for the Schaft Creek polymetallic porphyry copper project were reported.

Notice of warrant expirations

The company wishes to remind holders of those warrants issued in connection with various prior non-brokered private placement unit offerings of the company noted in the attached warrant expirations table that the term of the previously extended exercise period during which these warrants may be exercised will expire, without further extension, on the dates indicated in the attached warrant expirations table.

                    WARRANT EXPIRATIONS 

Issue date            Exercise price               Expiry date

April 29, 2019                  0.15            April 29, 2021

Issue date            Exercise price      Extended expiry date

June 14, 2018                   0.15             June 14, 2021
June 30, 2016                   0.17             June 30, 2021
July 27, 2017                   0.17             July 27, 2021

With respect to the warrants issued in connection with the non-brokered private placement unit offerings completed in March and April, 2020, the company further advises that in light of the recent trading price of the common shares, the company may, at a future date, in its discretion, having regard to the then state of the capital markets and project financing requirements, issue notice to the holders of the 2020 warrants of the early acceleration of the expiry date for the exercise of the 2020 warrants. Such notice, when issued, will specify the accelerated early expiry date for the exercise of these 2020 warrants.

Elmer B. Stewart, MSc, PGeol, president of Copper Fox, is the company's non-independent, nominated qualified person pursuant to National Instrument 43-101 (Standards of Disclosure for Mineral Projects), and has reviewed and approves the scientific and technical information disclosed in this news release.

                                           SELECTED FINANCIAL RESULTS

                                                                           Three months ended   
                                                      Jan. 31, 2021    Oct. 31, 2020    July 31, 2020    April 30, 2020


Loss before taxes                                          $199,324         $299,017         $248,589          $375,725
Net loss                                                    199,324         (291,983)         248,589           375,725
Comprehensive (gain)/loss                                   791,658         (453,015)         940,165          (283,957)
Comprehensive (gain)/loss per share, basic and diluted         0.00            (0.00)            0.00             (0.00)
                                                         ----------       ----------       ----------        ----------

                                                                           Three months ended   
                                                      Jan. 31, 2020    Oct. 31, 2019    July 31, 2019    April 30, 2019

Loss before taxes                                          $205,572         $289,922         $270,252        $1,974,306
Net loss                                                    205,572          188,765          270,252         1,974,306
Comprehensive loss                                          139,438          257,746          528,250         1,732,808
Comprehensive loss per share, basic and diluted                0.00             0.00             0.00              0.00
                                                         ----------       ----------       ----------        ----------

Liquidity

As at Jan. 31, 2021, the company's cash position was $1,117,774 (Oct. 31, 2020: $491,933).

About Copper Fox Metals Inc.

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and U.S. subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25-per-cent interest in the Schaft Creek joint venture with Teck Resources Ltd. on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and the 100-per-cent ownership of the Van Dyke oxide copper project located in Miami, Ariz.

We seek Safe Harbor.